Miami’s allure is undeniable, with its pristine beaches, luxurious amenities, and lively nightlife attracting millions of tourists from the U.S. and beyond. In 2022, Miami-Dade County welcomed over 26.5 million visitors, contributing to a substantial tourism revenue of over $20.8 billion.

Miami is the second most visited city in the US after New York City according to data in 2023. 

Miami ranks as the 2nd most desirable city to relocate to globally, surpassing cities like Paris and New York City.

Top rental opportunities in Miami

This positions the region as a sought-after destination for investors seeking lucrative opportunities in short-term rentals. Short-term preconstruction projects are a perfect investment in Miami, especially in popular regions for tourists such as Miami Beach and Downtown Miami. The top short-term rental preconstruction projects in these regions are Palma Miami Beach Residences, E11EVEN Hotel & Residences Beyond Miami, 72 Park Miami Beach, and Ella Miami Beach.

Simultaneously, Miami is witnessing a significant uptick in demand for long-term rental properties owing to its thriving business environment and a substantial population of working individuals. Interestingly, two-thirds of Miami’s residents opt for renting as their preferred housing choice. Situated near downtown Miami, Brickell stands out as a prime location for individuals aiming to generate stable income from long-term rentals. As Miami’s financial district, Brickell serves as a magnet for working professionals seeking premium rental residences. While rental rates in Brickell surpass the Miami-Dade average, property costs are relatively lower compared to other neighborhoods, offering investors promising returns on their investments. The top long-term rental preconstruction projects in Brickell at the moment are Mercedes-Benz Places Miami, Cipriani Residences Miami, St. Regis Residences Miami, and Residences at the Mandarin Oriental Miami.

Average rent in Miami

It’s important to highlight that the average rent in Miami typically consumes over half of the average income.

The average monthly rent for a 45 m2 (480 sqft) furnished studio in an expensive area is $2,928.

The average monthly rent for a 45 m2 (480 sqft) furnished studio in a normal area is $1,968.

The most competitive rental market in the US

According to a survey made by Kiplinger, Miami stands out as the most competitive rental market in the United States, boasting an impressive Rental Competitiveness Index (RCI) score of 91.9 out of 100. With a high 96.5% occupancy rate, rental properties in Miami are typically occupied within 36 days, with an average of 14 interested renters competing for each available unit.

Miami offers lower property prices compared to pricey rental markets like New York, despite the escalating rental rates. This favorable balance makes Miami a favored choice for buy-to-let investors seeking attractive rental yields.